Author: lbostgadmin
Sri Lanka rupee weakens further
Nov 23, 2011 (LBO) – Sri Lanka’s rupee weakened to 114.15/20 in the spot dollar market, after closing at 113. 88/90 rupees a day earlier, after the monetary authority adjusted a daily guidance rate, dealers said. The rupee fell more than 3.0 percent a day earlier after the a budget for 2012 said the rupee […]
Sri Lanka has to balance bond markets against industry: Treasury Secy
Nov 23, 2011 (LBO) – Sri Lanka has to balance the needs of export and import substitution industries against bond markets, Treasury Secretary P B Jayasundera said two days after a step devaluation of the rupee announced in the budget. “We need to balance,” Jayasundera told members of the Institute of Chartered Accountants of Sri […]
Sri Lanka rupee adjustment in right direction: IMF
Nov 23, 2011 (LBO) – Sri Lanka’s rupee devaluation earlier this week was a step in the right direction, and a planned narrower budget deficit would reduce the country debt burden an International Monetary Fund official said. “We think that the exchange rate adjustment was a step in the right direction and should help support […]
Sri Lanka Treasuries yields sharply up
Nov 23, 2011 (LBO) – Sri Lanka’s Treasuries yields rose steeply across maturities at Wednesday’s auction with average one year yield touching 8. 50 percent, data from the state debt office showed. Following the auction there were quotes for a bond maturing in 2015 at around 10. 25/11.00 percent, dealers said. Update The 3-month yield […]
Sri Lanka cuts budget deficit, maintains investment: Treasury Secy
Nov 22, 2011 (LBO) – Sri Lanka has managed to gradually reduce the government budget deficit without cutting public investment which is needed to build the capacity to enable private investments, an official said. Treasury secretary P B Jayasundera said the government was maintaining the downward momentum in budget deficits and inflation had been brought […]
Sri Lanka business chamber approves devaluation
Nov 22, 2011 (LBO) – Sri Lanka’s main business chamber has approved the sudden devaluation of the rupee saying it would boost exports and urged the government to consult plantation firms whose uncultivated lands are being taken. The Ceylon Chamber of Commerce said the government’s 2012 budget presented to parliament Monday “maintains the consistent fiscal […]
Telecom Levy
Nov 22, 2011 (LBO) – Sri Lanka has raised a levy on international calls with each outgoing minute charged 3 rupees from the current 2 rupees, a budget for 2012 presented to parliament said. Incoming calls will be charged 9 US cents per minute, up from the current rates of 7 US cents. The state […]
Live Trading
Nov 22, 2011 (LBO) – Millennium Information Technologies, a unit of London Stock Exchange that was founded in Sri Lanka said its software has gone lived at Bangladesh’s Chittagong Stock Exchange. The system was implemented by Polaris India. Installation, trials and final implementation had taken nine months. MillenniumIT chief Tony Weerasinghe said the systems will […]
Sri Lanka hotel planned by China Harbour: report
Nov 22, 2011 (LBO) – China Harbour Engineering Company (CHEC) a firm active in several Chinese financed project in Sri Lanka is looking to build a hotel in Hambatota in the south of the island, a media report said. Sri Lanka’s Ceylon Today newspaper said CHEC had also looked at lakefront land in Colombo. “They […]
Sri Lanka stocks end down almost one pct
Nov 22, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with plantations stocks among the biggest losers after the government said in its 2012 budget it would seize estate lands lying unused, brokers said. The main All Share Price Index fell 0.96 percent (58.91 points) to 6,060.95, while the more liquid Milanka index fell […]
Sri Lanka bonds illiquid, rupee weaker after devaluation
Nov 22, 2011 (LBO) – Sri Lanka’s bonds were illiquid with two way quotes absent for several maturities Tuesday as market participants looked for direction following a surprise devaluation of the rupee, dealers said. The Central Bank gave guidance to the market at 113.50/90 rupees through a state bank. Liquidity in bond markets dried up […]
Sri Lanka rupee devalued, spot dollar at Rs113.80/90
Nov 22, 2011 (LBO) – Sri Lanka’s rupee traded at 113. 80/90 against the greenback in the spot market Tuesday moving within a band indicated by the central bank, after a rare devaluation announcement a day earlier. A day earlier, President Mahinda Rajapaksa said the rupee should be devalued 3. 0 percent to improve export […]